Activist sues banks over loan interest rates hike

A petition has been filed at the High Court seeking to stop commercial banks from unilaterally increasing interest rates, default charges and other loan-related fees imposed on borrowers...

✨ Key Highlights

An activist has filed a lawsuit at the High Court against Kenyan commercial banks, seeking to halt alleged unilateral increases in loan interest rates and fees.

The activist, Francis Awino, is suing the Kenya Bankers Association (KBA).
He seeks conservatory orders to suspend arbitrary increases in borrowing costs, citing a lack of transparency and consumer protection.
The case proceeds despite the Central Bank of Kenya retaining its benchmark lending rate at 8.75 per cent.

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